11033 - 11264 levels to be immediate resistance for Bank Nifty - Angel Broking

Yesterday, the Bank Nifty too opened slightly higher in-line with our benchmark indices but traded with strong pessimism throughout the session. As expected and mentioned in yesterday's report, the index went on to test the recent bottom of 11033 and even managed to close below the psychological mark of 11000. On the daily chart, we are now observing that the Bank Nifty has broken down from the 'Upward Sloping Trend Line' drawn by joining 10888 (low on April 10, 2013) and 11033 (low on June 26, 2013).

Hence, going forward, if Bank Nifty sustains below yesterday's low of 10829, then it may slide further to test 10782 - 10640 levels. On the upside, 11033 - 11264 levels would act as immediate resistance for Bank Nifty in coming trading session.

Source : Equity Bulls

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